Technically, the main trend is down according to the daily swing chart. However, momentum is trending higher. Moving average analysis tells a different story. The 200-day moving average at $4174.17 shows the market is in a long-term uptrend. The 50-day moving average at $4903.04 is both resistance and a potential trigger point for an acceleration to the upside.Retracement zones are also playing a role in the market’s current structure. The longer-term support zone is $4744.34 to $4541.88. The short-term ret ...